Friday, 19 April 2024
Indian buyers contracted up to 200,000 tonnes of Malaysian crude palm oil for June and July, after a four-month gap following a diplomatic row.
Malaysia’s exports to India in January to April fell to 96,145 tonnes, down 94% from the same period in 2019, Plantation Industries and Commodities Minister Mohd Khairuddin Aman Razali said on Thursday.
But crude palm oil prices falling below Malaysia’s palm oil duty threshold level and New Delhi’s decision not to extend restrictions on refined palm oil imports have led to an increase in purchases, he said.
Malaysia, the world’s second-largest palm oil producer and exporter, slashed the June palm oil export duty to zero, lowering its price against rival Indonesian palm.
Palm oil futures traded on the Bursa Malaysia spiked 47% to 66,427 lots on Wednesday compared to the daily average of 45,200 lots last week, Mohd Khairuddin said.
He added that Malaysia’s readiness to address a trade deficit between the two countries has also led to more Indian buying.
Aware of her elements, Neha writes the best articles across industries including electronics & semiconductors, automotive & transportation and food & beverages. Being from the finance background she has the ability to understand the dynamics of every industry and analyze the news updates to form insightful articles. Neha is an energetic person interested in music, travel, and entertainment. Since past 5 years, she written extensively on sectors like technology, finance and healthcare.
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